Banking
What Affected our 2017 Performance—Access Bank GMD
**Plans N459b Capital Raising
Group Managing Director of Access Bank Plc, Mr Herbert Wigwe, has attributed the not-too-impressive performance of the lender in 2017 to residual effects of macro-economic conditions of 2016.
Mr Wigwe gave this explanation at the bank’s Annual General Meeting (AGM) held this week in Lagos and attended by shareholders of the financial institution.
The bank chief, however, said the bank’s fundamentals remain strong and the group remains poised for sustainable growth in the coming periods.
According to him, despite the slight issue, Access Bank recorded well-rounded performance in 2017 with improvements in all key performance indices such as earnings per share, cost of risk and capital adequacy ratio, which are the major ratios financial institutions are measured by.
“Looking at the top-line of major banks, we are doing well. The new phase of our five-year corporate strategic plan will extensively cover what we could not achieve in the previous phase.
“We shall continue to invest in staff trainings in order to ensure our employees remain one of the best amongst their colleagues in the industry.
“As a customer friendly institution we have set-up an Interactive Voice Response (IVR) centre and ombudsman complaints Call Centre to tackle issues from customers,” he stated at the meeting.
Last year, Access Bank improved its gross earnings by 20 percent to N459.08 billion compared with N381.32 billion recorded in 2016, while the operating income rose to N302.6 billion in 2017 as against N272.6 billion in 2016.
However, the bank’s bottom-line contracted as pre-tax profit dropped by 11 percent from N90.34 billion in 2016 to N80.07 billion in 2017, while the post-tax profit went down to N61.99 billion from N71.44 billion.
During the AGM, shareholders of Access Bank said they were happy with the firm’s consistent dividend payment policy.
They also approved the payment of N18.8 billion cash dividend for the 2017 financial year, amounting to a final dividend of 40 kobo as well as 25 kobo.
Also, the shareholders gave the board of Access Bank the approval to raise up to N459 billion in new debt issue.
This could be raised through the issuance of non-convertible loans, notes, bonds and any other instruments whether by way of public offering, private placement, book building process reverse call inquiry or any other method or combination of methods.
Speaking on this development, Chairman of Access Bank, Mrs Mosun Belo-Olusoga, explained that the increase in the size of the prospective debt issuance demonstrated the commitment of the directors of the bank to strengthening its funding, capital base and profitability through a robust capital structure.
According to her, the proactive issuance programme is underscored by the growing scale of regulatory headwinds and economic realities which have put demands on liquidity and capital.
She said the board deems it necessary to further bolster the bank’s capital and funding base through the issuance of debt securities through any instrument considered appropriate for the bank to meet its growth objectives.
She noted the successful implementation of the bank’s five year strategic growth plan of 2013 to 2017 and the launch of a new five-year plan aimed at making the bank to become Africa’s gateway to the world by 2022.
“As we move on to the next phase of our growth story, the board is positive that we will achieve our growth aspirations through a sustained and sharp focus on our strategic priorities.
“Operating efficiency will remain at the heart of our decisions and we will continue to focus on effective execution of our strategy and on delivering value to shareholders,” Mrs Belo-Olusoga said.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
